The Cardano (ADA) blockchain has seen a notable rise in transactions since the early September Chang hard fork. The network growth has contributed to a gain in ADA price as the coin has emerged among the top performers in the last 24 hours.
According to an X post by TapTools, the Cardano blockchain surpassed $6 billion in transaction volumes within 24 hours. Such an increase in transactions signals that whales and large traders are more interested in ADA.
As ZyCrypto earlier reported, the number of daily active users on Cardano peaked on September 6, reaching the highest level since March 2023.
Data from DeFiLlama shows that the network is still on a growth trajectory after the Total Value Locked (TVL) reached a one-month high. In the last 24 hours, Cardano’s TVL has increased from $190M to $215M at the time of writing.
Will Cardano Flip TRX Market Cap?
ADA is trading at a two-week high of $0.35. In the last 24 hours, it has gained 6%, outperforming Bitcoin and Ethereum. According to CoinMarketCap, trading volumes also increased by nearly 50%.
The price increase has also contributed to ADA’s market capitalization surge to $12.89 billion. The coin is now inching closer to reaching the market cap of TRX, which stands at $13.2 billion.
According to analyst WorldOfCharts on X, the ADA price is currently trading within a falling wedge pattern. This pattern usually precedes a bull run, signaling the exhaustion of the downtrend.
If this pattern proves true, the analyst anticipates that the ADA price could gain 118% to $0.80.
The ADA four-hour chart shows that the short-term momentum is bullish, and the altcoin could be headed for major gains.
The Moving Average Convergence Divergence (MACD) also supports the bullish argument after moving above the signal line. This formation shows that buyers dominate, which could pave the way for more gains.
The MACD histogram is also positive and flashes green, indicating the strength of the current uptrend.
On the other hand, the widening Bollinger bands show that volatility around the ADA price could be increasing.
The price is currently at the upper band of this index, showing a rise in buying activity. However, traders should be cautious, as touching the upper band could sometimes suggest overbought conditions.
Source: zycrypto.com
